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By Dominick Chirichella |
July 11, 2012
EIA lowered their projection for global oil consumption for 2012 and 2013 versus last month's report. It now is projecting a reduction of about 100,000 bpd in 2012 and 400,000 bpd in 2013.
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By Moming Zhou, Bloomberg |
June 21, 2012
Oil tumbled below $80 a barrel for the first time in eight months on weak economic data that increased concern that demand will slow with supplies at the highest level in almost 22 years.
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By Dominick Chirichella |
June 20, 2012
Although the oil market has oil inventory numbers today, it and other markets are waiting for the FOMC to announce any action following its meeting before picking a direction.
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By Dominick A. Chirichella |
June 13, 2012
Event risk will take over as the main price driver for all of the risk asset markets, including the oil complex, as the macro correlations remain very tightly linked.
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By Dominick Chirichella |
May 30, 2012
Aside from all of the macro issues sending oil prices lower, supply and demand are more than in balance with a bias toward the oversupplied side of the equation. At the moment oil prices are still being mostly driven by the direction of the euro and the US dollar as...
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By Dominick Chirichella |
May 16, 2012
The fundamentals of oil are becoming more bearish as the inventories continue to build around the globe. The IEA reported last week that OECD inventories are now above the five year average while crude oil inventories in the US are at the highest level going back to the early 90s.
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By Dominick Chirichella |
May 9, 2012
From the oil complex perspective a slowing economy will result in slowing in oil demand growth and likely underperform the forecasts, including the latest one by the EIA discussed here.
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By Dominick Chirichella |
May 2, 2012
Oil prices have also been drifting lower overnight after the API data showed a build in crude oil stocks but a larger than expected draw in both gasoline and distillate fuel.
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By Dominick Chirichella |
April 25, 2012
At the moment oil prices are still being mostly driven by the direction of the euro and the US dollar as well as by a view that China's economy is continuing to slow. The tensions evolving in the Middle East between Iran and the West have been easing as another...
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By Dominick Chirichella |
April 18, 2012
Yesterday was clearly a so called risk-on day as market participants interpreted Spain's better than expected auction results that all is ok in Europe. The markets remain so interlinked that something as simple was enough to drive just about every risk asset market higher.
